House and Condo Show: some observations

House and Condo show
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There were some notable, and perhaps worrying, observations from the 39th annual House and Condo Show which ended at Bangkok’s Queen Sirikit Center yesterday, Sunday.

Sunday lunchtime has always been a busy time at the show but yesterday was quiet.

While potential property buyers were few and far between at the House and Condo Show, by far the largest congregation of crowds were around the NPL (non-performing loans) or distressed property stands hosted by the asset management arms of many of the big Thai banks.

There were also far more listed developers than I’ve even seen at these kinds of mass-market exhibitions. Top Thailand developers such as Ananda Development, Pruksa and Origin, all had huge spaces to market their plethora of developments throughout Bangkok.

There was a significant number of developments, perhaps even a majority, there were outside Bangkok. Pattaya was heavily represented, as was Chiang Mai and projects in Thailand’s Eastern Seaboard.

Strangely neither Phuket or Koh Samui were represented at this House and Condo Show.

Despite recent comments from the Bank of Thailand, raising concerns about the levels of down payments on offer to buyers, one development was offering buyers the opportunity to pay THB 9,000 to secure a unit and was ‘guaranteeing’ a 100 percent mortgage in its printed marketing collateral.

This snapshot of activity at yesterday’s House and Condo Show, if true of the Thailand property market as a whole, would indicate there are very few buy-to-let investment buyers and speculators left in the market.

It would also, perhaps, indicate that buyers are not – as predicted by many – rushing to do deals before the Bank of Thailand implements new financial rules on January 1, 2019.

Andrew Batt
The author of this article is Andrew Batt, the founder and editor of www.thailandproperty.news. Andrew has been writing about property and real estate issues in Thailand and Southeast Asia for more than 10 years. He has worked for PropertyGuru Group, DDproperty, Dot Property Group, Hipflat and AsiaRents. He has also produced content for leading Thailand property developers and real estate agencies.
Email: andrew.thailandpropertynews@gmail.com.

2 Comments

  1. Roger, thanks for your comments. I understand where you are coming from but I don’t think every piece of news from an agency or developer is wrong. It’s normally very selective about the geographic location or price point that it covers, so it might be true for a small part of Thailand but I wouldn’t say they’re all wrong.
    Thanks again Roger.

  2. Good observations Andrew and very refreshing to read some actual observations and opinion on the state of the market place, rather than the marketing propaganda and hype that many of these developers and Bangkok agencies put out and try to disguise as news. As Mr Trump would say “It’s fake news folks!”

    There’s not a great deal of activity going on in Phuket, according to some honest agents I have spoken with. Since the boating disaster the Chinese have stopped coming and they seem to have been the main drivers of the Phuket property market of late.

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